HMD Global raises US$100m

Mobile device vendor HMD Global - the home of Nokia phones - has raised an additional US$100m from multiple investors to scale business operations and fund the company’s growth in its second year. In 2018, the company plans to aggressively expand its portfolio of Nokia smartphones and double down on expanding channel reach in strategic markets.

This round of investment has been led by Geneva-based Ginko Ventures via Alpha Ginko with participation from DMJ Asia Investment Opportunity Limited and Wonderful Stars, a subsidiary of FIH Mobile. With the latest round of funding, HMD Global’s current market valuation exceeds US$1 billion. HMD Global will be making strategic investments in scaling its fast-growing business operations.

Florian Seiche, CEO, HMD Global, said, "We are thrilled to have these investors join us in our journey to script the next chapter of Nokia phones. It is our ambition to deliver great smartphones that delight our fans while staying true to our Finnish roots and the hallmarks that the Nokia brand has always been known for. We aim to be among the top smartphone players globally and our success to date gives us the confidence to further continue on a growth path in 2018 and beyond."

Set up on December 1st 2016, the company in its first year has shipped more than 70 million Nokia-branded phones, scaled sales operations in over 80 countries with phone activations coming from 170 countries. Today, Nokia phones are sold at over 250,000 retail outlets across the world and more than 600 direct trade partners are committed to this next chapter of Nokia phones globally.

In financial year 2017, HMD Global posted a total revenue of US$2.13 billion with an operational loss of US$77m. Two-thirds of consumers buying a Nokia phone today are below the age of 35 years. Four out of every five consumers are recommending a Nokia smartphone to their friends and family.

HMD Global recently announced that it will be the lead global partner for Google’s flagship programme for Android – Android One - committing a complete portfolio of Nokia smartphones to the Android One family.